Seplat Energy Plc says it is set to scale up oil and gas production following the full integration of Mobil Producing Nigeria Unlimited (MPNU) assets — a landmark acquisition that the company describes as transformative for its growth and long-term energy strategy.
Speaking at the Africa Energy Week in South Africa during a fireside chat titled “Assets Acquisition Success Strategies: Seplat Energy,” Chief Executive Officer Roger Brown said the deal had significantly strengthened Seplat’s operational base by blending its onshore efficiency with MPNU’s extensive offshore experience.
According to Brown, the integration has already begun to yield results, improving performance and cash flow from the very first day of operation. “The recent reserves upgrade shows we have acquired a high-quality asset with significant production potential in both oil and gas,” he said. “Much of this is within easy reach, close to export infrastructure that we control. We are confident we can increase production, aligning with the government’s target of raising crude output to three million barrels per day and boosting gas supply for both domestic and export markets.”
Brown explained that Seplat’s immediate focus after the acquisition was to reactivate wells and facilities to deliver early gains, while also investing in asset reliability to cut downtime and ensure seamless integration of systems and personnel.
“We found strong cultural alignment with our new colleagues, and that’s been key to seamless performance,” he said. “Their offshore expertise has enriched our operations, and the combined team is already delivering measurable progress.”
He noted that Seplat’s broader strategy rests on acquiring assets where its operational agility can unlock hidden value — especially mature fields that benefit from efficient management and cost control. “We’ve already shown that we can acquire onshore assets, restore production, and maintain discipline in costs,” Brown said.
The CEO also reaffirmed that safety, operational excellence, and a disciplined cost framework remain at the core of Seplat’s corporate philosophy. “We are a low-cost operator. We’ve demonstrated that we can be profitable in strong price cycles and resilient during downturns or extended disruptions,” he added.
On financing, Seplat’s Chief Financial Officer, Eleanor Adaralegbe, highlighted the company’s prudent funding approach, revealing that Seplat has raised over $4 billion in debt financing over the years to develop its assets while maintaining a leverage ratio below 1.5 times.
She said the company achieved this through a blend of financial instruments, including its Initial Public Offering, Revolving Credit Facility, corporate bonds, Advance Payment Facility, and project-based financing such as the $320 million loan secured for the ANOH Gas Processing Company — a joint venture with the Nigerian Gas Infrastructure Company.
“We understood early that we had to be a first mover and shape our credit profile to appeal to a broader range of investors,” Adaralegbe said. “Today, we are Nigeria’s first and only dual-listed oil and gas company.”
She added that Seplat continues to refinance its obligations strategically to extend maturities and reduce borrowing costs, supported by asset diversification, steady production, and strong governance practices.
Industry analysts say Seplat’s acquisition of MPNU marks a pivotal moment in Nigeria’s upstream sector, consolidating indigenous participation and strengthening the country’s push to achieve higher energy independence and export competitiveness.